""Seems too much excitement for an asset that changed hands for such a low figure in June 07, or am I missing something""
According to BCC prospectus, its going to take ~USD30mil to complete the development drilling and infrastructure refurbishment.
If they prove up 56bcf of 2P reserves, that would have a NPV of ~USD112mil @ USD2/mcf
Given the development costs and risks, it's understandable that the asset changed hands at the low figure you quoted.
EXR's due dilligence at High Island so far seems to of been on the money, lets hope they've picked another winner at Pompano
2008 starts with pompano, page-3
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